Impact of Science and Technology

Impact of Science and Technology:
The Way Forward for Nigeria
A lecture delivered by Mr Segun Oloketuyi
Managing Director/CEO of Wema Bank Plc
At the Faculty of Science, University of Lagos Annual Lecture Series
On Tuesday, 26th June 2018
Acknowledgements
The Vice-Chancellor, Deputy Vice Chancellors, Members of the University of Lagos Senate, the Dean of Faculty of Science, Deans of other faculties, Students, invited special guests, distinguished ladies and gentlemen.

It is with great sense of humor and humility that I thank the Faculty of Science and the University Administration for giving me the opportunity to deliver this year’s lecture in commemoration of the Science Week. Coming so close to a major milestone in my career, I consider this more of a valedictory lecture to a distinguished audience which I am privileged to address this afternoon.

My passing through the University of Lagos was one of the building blocks of my career and it indeed transformed and shaped me as an individual. The special words, “In deed and in truth” have always guided me in my daily interactions as a leader especially working in a sector like the financial services industry.

I still recall my early days in the University when we used to walk from what we called “mosquito republic” to the old faculty site in those days. I remember Professor xxxxx of blessed memory who used to be one of the tough lecturers we had and his particular course – CHEM-301, that almost everyone had to re-sit!
Ladies and gentlemen, permit me to stand bold and state that a degree in science is the best thing that can happen to anyone. If I were to start all over again, I would still choose Science. What science does, is that it trains the mind, it disciplines the thought process and also gives you a broad base to take on any role in the world. I studied Science but I ended up as an accountant and eventually a banker.
Professor Freeman J. Dyson in his book Infinite in all Directions, said and I quote “Science & Technology is a gift of God. After the gift of life, it is perhaps the greatest of God’s gifts. The most revolutionary aspect of technology is its mobility. Anybody can learn it. It jumps easily over barriers of race and language and its mobility is still increasing.”
From time immemorial, humanity has always felt the need to develop and discover means and processes to be able to solve their day to day challenges, hence the need to innovate. At the basis of every product of Science and Technology is innovation, and that is the need to bring to life new ideas. Science drives the economy, science drives growth, science drives innovation, science is driving change in banking and financial services. Science also has a major role to play in economic development. My lecture today therefore zooms in specifically on the “Impact of Science and Technology: The Way Forward for Nigeria”.
In this lecture, I will focus on the ways science and technology enables innovation and in turn fosters economic growth. We would see how the industrial revolution paved the way for future advancements in science and technology and how it has rubbed off on the various economies involved. I will also be reviewing the range of new advances in education, agriculture, health care, communications and banking amongst others and then conclude with how we can build an innovative economy and sustain our long-term prosperity.
To ensure we follow some sequence, the lecture is in 4 parts. Firstly, I will provide an introduction for the evolution of science and technology. Secondly, we will look at an in-depth exploration of the impact of science and technology on economic development – drawing examples from advanced economies and also local examples. Thirdly, we will spend some time discussing the way forward for Nigeria and lastly, I will share my thoughts and suggestions on the expected next steps.

While I go through the document, we will also be showing slides to further reiterate and highlight some of the key points.

PART A- Introduction
History and Evolution of Science and Technology
Robert Artigiani, a historian of science defines science as “what the universe says to itself when the universe gets old enough to speak”. Science, as defined by the Collins English dictionary is the “study of nature and behavior of natural things and the knowledge that we obtain about them”. Science and technology aims at bringing about easier ways to do things. It cuts across all phases of life, the way we move around, the way we send and receive information and it has gradually improved the healthcare sector. The importance of science and technology in national development cannot be overemphasized. It is a known fact that no nation can develop without science and technology (Egbu, 2017).

Developments in science and technology are essentially altering the way people live, connect, communicate and transact, with great effects on economic development. Science and technology are key drivers to development, because technological and scientific revolutions support economic progresses, advancements in health systems, education and infrastructure. As an engine of growth, the potential of technology is infinite, and is still largely untapped in Africa and other developing regions across the globe.
According to dictionary.com, evolution is any process of formation or growth; development. Evolution in science and technology shows advancements in the use of technology. It explains how different technologies have developed in an effective manner, aiding humans in their day to day activity. This section will focus on how science and technology has evolved over the years. I would streamline this discussion to how science and technology has evolved in communication, education, and agriculture.

Evolution in Communication
How many of you seated here today have ever posted a letter? I believe not more than a handful of people here today have had to queue to buy a postage stamp.

When civilization began to advance in the stone age, the most efficient form of communication for man was through cave paintings and stone carvings. As the years progressed, man improved immensely, then came the use of pigeons, which were utilized by ancient Greeks to deliver messages. From carrier pigeons, the Greeks used marathon men to deliver urgent messages. In the victory of Greece over Persia, a Marathonian ran all the way from Marathon to Athens, simply to announce the victory of Greece. I hope you students now know the history of the modern-day marathon. A distance of no less than 40 kilometers (25 miles) was covered in delivering that message of victory. Mr. Vice Chancellor Sir, I can only but wonder how this method of communication would have panned out today.
The telegraph was invented by Samuel Morse in 1840, this became an efficient method of making long-distance communication, prior to this however was the use of Morse code which saw message sent in packets of electric pulse. Following the telegraph, came the electric telephone by Alexander Graham Bell in 1876. Now, a lot of you students might not know what the first forms of phones were like in Nigeria. Back in the day, we used rotary dial phones and these were cherished and were only available to certain people in certain communities. Years after, came phonebooths where we had to purchase NITEL cards. Most of the students seated here would be wondering what NITEL means. NITEL means Nigerian Telecommunications Limited and this company used to be the principal phone communications provider in the country and it used to be owned by the Government. It is safe to say Nigeria has come a long way since then.

The year 1969 marked the beginning of a new era. This year saw the launch of the ARPANET (Advanced Research Projects Agency Network); this is what we all commonly refer to now as the Internet. The internet brought with it a whole new world of possibilities. It birthed the world wide web in 1994; and then the instant messaging and internet chat like Yahoo Messenger was popular in 1997; created a platform for Facebook which was created by Harvard student Mark Zuckerberg in 2004. From then on, we have had other instant messaging apps like Twitter, WhatsApp, Blackberry Messenger.
While communication has broadened the capabilities of science through expanding the amount of information in circulation, technology has forever changed the way we communicate and the way we relate to the world and each other. Communication today has become both personal and impersonal – texting, tweeting, blogging – these methods of communicating have allowed us to talk “at” a wide range of people without having to personally talk “to” them. In this way, we have become more social, but less sociable. And with the world becoming a more instant place, communication has been made as easy as a click on the mouse. 
Science ; Technology Evolution in Education
Education has undergone immense evolution. I would like to say it has moved from “Tablet to Tablet”. From the use of stone inscriptions to digital devices, stone slabs were the only options available but they were not effective in passing information to a larger audience. Quality education was accessible only to the elite populace. Access to knowledge was difficult and restricted to the privileged.
With evolution of civilization, educators adopted better materials for composing and sharing information. Portable and affordable materials and tools started to become popular such as copper plates, palm-leaf manuscripts, and papers.
Invention of paper led to the easier retrieval of previous works. My lecture today is as a result of the evolution that occurred in education as the availability of the referenced materials was due to the importance placed on knowledge transfer which has leveraged on developed technology. Access to the internet opened up the world of free knowledge resources, quality of teacher and student output has improved with the capabilities of computers as interaction, sharing and access explode. The introduction of computers has revolutionized learning, complex calculations were made easier, multitasking became easy. Students and teachers can organize their work better.

Mobile devices are now replacing exercise books and other traditional printed materials. Group learning has increased the value of education. Tablets have endeared themselves to teachers and students. It has reduced the burden of carrying text books, in the process promoting sustainability by reducing the amount of printed materials. Learning is now possible anytime, anywhere. Knowledge is now accessible anywhere and anytime with online libraries just a click away.

Science ; Technology in Agriculture
-1905033782000Agriculture has been a crucible of evolutionary change ever since its inception thousands of years ago. Evolution in agriculture has seen the introduction of specialized equipment that have brought about easier ways of cultivating crops, the mortality rate in livestock has been reduced because of breakthroughs in medical research.
Agriculture of today is being practiced in a global friendly sustainable manner, where it is poised at achieving 3 main objectives; a healthy environment, economic profitability, and social and economic equity. Soil health is promoted, water use is minimized and pollution levels on the farm are reduced. In animal sciences, science and technology has brought about animal cloning to preserve certain animals from going into extinction and ensure that the demand for fur, hide and skin are met. Research on the cure of diseases will now be enhanced because of these cloned animals being used as test samples.

From Agriculture to Communication to education, we have seen how science has evolved. Let’s quickly take a peep into the future:
Advances in Medicine – Over the years, we have had technologically impaired limitations in the medical sector, as research was inhibited by lack of adequate technology. The advancement of technology has brought about an increase in knowledge shared in this sector which in turn has led to medical breakthroughs in virology, lab techniques, better understanding of cancer cells and genetics to mention a few. Life expectancy has increased over the last 20 decades (Klenk 2016). Let us all remember; a healthy nation is a healthy economy.

Advances in Engineering – I was privileged to stumble upon news that there are now plans to start life on Mars. I can tell you today that people are now investing in that course. Elon Musk, the CEO of SpaceX is championing this course. Also with the drive to protect the environment and preserve the planet, new forms of energy, which are more sustainable, are being invested in. Research is being focused on renewable sources of energy. Electric cars have been developed are being tested. Alongside electric cars, driverless cars are also emerging. All these are due to the progress that has been made in science and technology. Imagine us doing a Distance Learning program of UNILAG on Planet Mars! We could be the first!
Drones are now being used to deliver medical supplies to inaccessible locations. The Internet of Things (IoT) aims at bringing a world that is interconnected whereby I could interact with my refrigerator from this podium, this has promised a future where surgeries will be performed from across continents. We are beginning to see emergence of artificial intelligence. In addition to its security applications, companies like Amazon and Google have begun to apply the technology to regular consumers in order to simplify shopping and searching experiences on the platforms. 
Advancement in Banking – Bill Gates said in 1994 that “banking is necessary but banks are not”. This, to me, was a futuristic statement. Online and mobile banking have accelerated the shift to tech-led banking. From a period where people came into banks to get tally numbers we are now in a time when coming into the bank is no longer necessary. Peer to Peer transactions are now easier. I would like to be put on record as I say today that only banks who fit into the lifestyle of its customers will be relevant in the future. Banks have always been considered only at the point of payments making it the last point of call in an individual’s journey.
Vice Chancellor, Ladies ; Gentlemen, this first section was just to give the context to how Science has changed the world, changed the way we interact and even how we behave. I will now quickly share with you how Science ; Technology has a direct correlation to economic growth.

PART B Impact of Science ; Technology on Economic development
To further understand the impact on Science ; Technology on national development and economies, it is important to take a step back, review what happened from the point of the Industrial Revolution and then walk forward to present day.

The Industrial Revolution
The Industrial Revolution was a time of great innovation. It represented major change that occurred in the late 17th century to about the middle of the 18th century. The movement originated in Great Britain and affected everything from industrial manufacturing processes to the daily life of the average citizen.
The effects on the general population, when they came, were very pronounced. Prior to the revolution, most cotton spinning was done with a wheel in homes. These advances allowed families to increase their productivity and output. It gave them more disposable income and enabled them to facilitate the growth of a larger consumer goods market. The lower classes could spend. For the first time in history, the masses had a sustained growth in living standards (Todd, 2014).

Social historians noted the change in the places where people lived. Industrialists wanted more workers and the new technology largely confined itself to large factories in the cities. Thousands of people who lived in the countryside migrated to the cities permanently. The permanent shift from rural living to city living has endured to the present day.

Overall, the Industrial Revolution was one of the single biggest events in human history. It launched the modern age and drove industrial technology forward at a faster rate than ever before. Even contemporary economics experts failed to predict the extent of the revolution and its effects on world economic history. It shows why the Industrial Revolution played such a vital role in the building of countries like the United States of today.
While we can argue that the African continent was largely left out of the industrial revolution, we also still had our share of advancement in Science ; Technology and we saw the impact on the economy. From the bronze works in Benin to the Yoruba warriors and deities; they all in some way or the other try to harness science to shape behavior and ideas.
Also, you will agree with me that Sango is more powerful than the present-day Thor, one of the Marvel Avengers. Maybe “Wakanda” really exists and Africa is indeed an industrial hub.

Case Studies
Let us talk about some of the most innovative countries of the world who are also very prosperous economically. Some of the countries driven by science and technology include; Germany, Sweden, Switzerland, Singapore, Denmark, Japan, and France.

Let’s start with Germany – Technological innovation has historically contributed to inclusive economic growth in Germany. Germany’s system of technological innovation came into being between 1850 and 1913. This was the period of Germany’s industrialization and coincided with the “first era of globalization” (Twarog, 1997). This was in the second industrial revolution. In fact, the innovation system supported and drove rapid industrialization in the country, with Germany specializing in fields that were characteristic for the “second industrial revolution”, such as chemicals, automobiles and electricity (Naudé et al, 2017).
Another example is Singapore – Over fifty years ago, the city-state of Singapore was an undeveloped country with a GDP per capita of less than $320 (Ramanayake et al, 2017). Today, it is one of the world’s fastest growing economies. Its GDP per capita has risen to an incredible $60,000 (World Bank). The country executed major nation building strategies but most importantly, it set up many technical schools and paid international corporations to train their unskilled workers in information technology, petrochemicals, and electronics. A study identified that there are benefits that local firms have gained from digital transformation initiatives. According to the firms, embracing this digital transformation has resulted in higher profit margins, greater productivity, increased revenue from new product offerings, improved customer advocacy and cost reduction.

My last example is Sweden – For a long time, investment in information and communications technology (ICT) and Research and Development (R;D) has been emphasized as important for technical change and economic growth. Since the mid-1990s value added has grown faster in the Swedish business sector than in most other Organization for Economic Corporation and Development (OECD) countries. Sweden is one of Europe’s top three spenders on innovation, investing 3.3% of GDP in Research & Development in 2015 (Brynjolfsson et al 2014). The Swedish government has chosen to focus strategic investments on three key areas; medicine and bioscience, technology and climate. 
An evaluation of productivity and employment trends in the Swedish economy shows that around two thirds of the 2.5% annual growth rate in the Swedish economy since 1993 is attributable to increased productivity which was fueled by its increasing knowledge in technology, and one third to an increase in the number of working hours. (Stiroh 2002) – See table in the slide
The key interactions
To bring home all these examples, the chart below shows the how investment in science and technology translates into economic growth. The direct investment in advancing science and technology creates an avenue for improved knowledge base in the population. This creates a higher intellectual demography and the number of skilled workforce is increased. The investment in science and technology results in a better utilization of capital which increases economic growth.
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From the chart above, direct Investment in the advancement of Science and Technology by a country increases the amount of Knowledge in the society coupled with effective management and an excellent educational system that fosters the development of efficient skilled labour and improves the intellectual level of the society.
This results in effective utilization of resources available to the country ensuring greater outcome from the inputs of Enterprise development, Capital, Labour and technology itself; all of which results in steady economic growth. Also, a steady growth in the economy leads to greater inputs in the quality of science and technological developments of a country fostering consistent advancement in science and technology.

Mr. Vice Chancellor sir, countries discussed above have shown how the above explained chain works.
The importance of innovation was identified by Joseph Schumpeter in his book The Theory of Economic Development where he highlighted that innovation is the keystone of economic performance (Schumpeter, 2011). Countries that are able to create a stable economic environment using innovation, can achieve long-term growth potential of growth and prosperity. Hence, the relationship between innovation and prosperity.

A peep at the future
Stephen Hawking in his book The Grand Design wrote and I quote “The world has changed far more in the last hundred years than in any previous century. The reason has not been new political or economic doctrines but the vast developments in technology made possible by advances in basic science”.
By going another few years in the future, we see the following:
ENGAGEMENT – Technology is improving customer understanding and activation through personalization (Big Data Analytics), influencing desired actions. Customers can now get quick, personalized services.
AUTOMATION implies the use of artificial intelligence made possible by the combination of new types of software and recent breakthroughs in computing power. Business benefits are much broader than cost savings and include better use of highly skilled people, faster actions and decisions, better outcomes, etc.
SENSING & SHAPING STRATEGIES – Advanced analytics technologies can help organisations and countries leverage the abundance of data at their disposal to gain granular, real-time insights into every aspect of their operations. These technologies empower companies to define their customers, based on their individual values, expectations, and needs, rather than aggregated demographics.
I would love to use this opportunity to introduce to you a bank that ensures its customers are one step ahead. Distinguished academia and members of the audience it is an honor to introduce to you ALAT, Nigeria’s first fully digital bank that was created with the people in mind.
In 2017, Wema Bank launched Africa’s first fully digital bank, ALAT. This is a branchless bank with a 24-hour customer support. It offers a wide range of features from news about what interest you as a customer to mouthwatering savings rate. It offers a seamless onboarding process. This digital bank is one that is constantly being improved from the feedback of its customers. Just a year old, the impact of ALAT on the digital banking landscape has been acknowledged with 8 awards from within and outside the country.

We have now seen how Science & Technology impacts on economic development, impacts on societal interactions and is also shaping the future. We have seen examples of Germany, Sweden and even a small local bank here in Nigeria using Science & Technology to change its business model. This then brings us to the crux of today’s presentation which is – What can we do to improve?
I will spend the next few minutes trying to shed some light on some of these points.

PART – C- Science ; Technology in Nigeria – The Way forward
THE WAY FORWARD FOR NIGERIA
According to Dr. Ngozi Okonjo-Iweala, former Minister of Finance “Policy makers at all levels in Nigeria need to be keenly aware that few countries can achieve development goals of economic diversification, food security, improving health systems, cleaner energy, generating wealth and jobs, and reducing absolute poverty, without the scientific, engineering, and technical capacity to handle these challenges”. There are no sustainable solutions if countries do not build the capacity to find and develop appropriate technologies, and modify them for local use.

Primarily, it is paramount to put in place an inclusive national strategy for science, technology and innovation: a framework that will reform our science and technology sector for better harmonization, communication, and policy implementation. A transition committee, headed by Steve Oronsaye in 2014, recommended that the government should set up a single point of research funding to promote synergy and establish a well-organized and operative protocol for research development.

In order for the country to achieve technological progression, the initiative must be advanced by a leader who is sincere, vision oriented, focused and has the interest of Nigeria at heart. Professor Sylvester Ikechukwu Oluka, a professor from the Faculty of Engineering said and I quote, “the importance of good leadership is nowhere better dramatized than in the case of many underdeveloped countries where provision of capital or technology does not ensure development. The limiting factor in almost every case has been the lack of quality and vigor on the part of managers”.
Furthermore, we would need to focus our research and development strategies to align with our relative strengths as a nation. Committing resources to development of the agricultural sector would be of immense benefit to us as a nation blessed with the amounts and quality of arable land as well as the vast numbers of crops that we produce. Also, as a nation endowed with significant amounts of mineral resources, research into more efficient ways of harnessing and utilizing these minerals will be of great value to the nation’s economy.
For instance, crude oil has been a major source of our Gross Domestic Product (GDP). Meanwhile, we have not been deriving the full value from the various types of fuels that could be gotten from its refining. We all know that Nigeria could get more value from crude oil than what we get from it today if we would explore the other available benefits from crude. All these opportunities could become sources of income and productivity if we can get it right as a nation which will result in a more prosperous Nigeria for us all. To reverse the trend of technological backwardness, Nigeria has to learn from other countries who allocate high percentage of their GDP for research and development (R&D). A good number of research institutions in Nigeria are not adequately funded. This implies a setback to the effectiveness of research work. An article in “The Nigerian Engineer” revealed that over the past decade, government’s science and technology expenditure has been less than 2 percent of the yearly budget – a grossly inadequate figure.
Subsequently, more effective partnerships between the public and private sector should be established. In developed countries, R;D is mainly driven by the private sector. Close to half of the world’s R&D expenditure is accounted for by only 700 private firms, according to the OECD. Private companies contribute 76% of the gross expenditure on R&D in Japan; in the USA, they contribute 70%. In South Africa, they contribute 42.7%, whereas the government contributes only 36.4%. So, leveraging the private sector is crucial; any existing barriers to this kind of partnership should be removed.

Finally, mechanisms must be put in place to improve the quality of equipment and facilities available for teaching at all levels, as well as for research at the tertiary level. These measures are not limited to simply increasing funds available; collaboration between higher institutions (national and international), a more limited focus in research programs offered, and an improvement in the culture of maintenance are all measures that will help deliver this end. In the case of university research, funding should be competition-based, to provide incentives to enhance efficiency and strengthen collaboration.

Investing into the educational infrastructural facilities is investing for the future growth and development of our children and by extension, investing for the future growth and development of technology. If our students cannot do basic practical how can we aspire to a technological breakthrough? It is therefore imperative that for us to overcome the problem of technological backwardness, we (the public and private sectors) must invest monumental resources towards upgrading our educational infrastructure.

The challenge for Nigeria has never really been around policy formulation, rather it has been around our ability to execute and stay the right course despite changes in government or economic situations. Science and indeed technology is the bedrock of economic development and we need to get our policy makers to continue to understand this.
Permit me to again refer to the fictional country “Wakanda” – while we can argue that they had a valuable natural resource “vibranium”, we can also see that they did not squander the resource, rather they harnessed the power and used it to develop their country and economy. They understood the role of science and they used the advancements to build a peaceful and safe society.
We see enormous examples of technological development in Nigeria:
For those really old enough, they will recall the regional developmental days where the various regional governments set up vibrant industries. Western Nigerian Television, widely referred to as WNTV in Ibadan was the first TV station in Nigeria.
The 1970s era when Nigeria took bold steps in infrastructure development – from the Lagos International Airport to FESTAC, to Lagos-Ibadan Expressway and other impactful projects.
You will recall the “temporary bridge” over the jibowu junction that was built within two weeks. The Bridge is still standing almost 30 years after
The 3rd Mainland Bridge remains the longest bridge in Africa. We also have the Lekki-Ikoyi bridge, which has become the “exercise hub” for the affluent neighborhoods it links.

Our students need to be re-orientated to believe and see themselves as active role players in the bid to foster change in the society. A UNILAG degree is not the end of the journey; rather, it is just the beginning of a life of unending adventure. It is the building block to several things:
It gives the required discipline of mind to ensure we think, talk and act in a coherent, structured manner
It equips with the fundamental skills base that we can build upon to achieve almost anything
It reinforces the passion and instills the belief in the “Can-Do” spirit
We can take a view today and use UNILAG as the microcosm of what we want to replicate across the country. For us to train and equip our students and faculty to go out there and change the world. I had my first degree in Chemistry, became a chartered accountant, ended up as a Banker and eventually became the MD/CEO of an old and established Bank.

Mr. Vice-Chancellor and distinguished guests, we have immense human potential within this room. We also have an extensive breadth of skills within the academia and we need to combine our efforts and jointly push for change. I am starting to think we need some of our Professors to contest in the upcoming elections.

Conclusion
Vice-Chancellor Sir, in this lecture, I have highlighted the relevance of Science and Technology in several aspects of the economy and its immerse contributions to the growth of the economy. This lecture has also shown the relevance of investing in science and technology, harnessing the opportunities that come with developing technology is relevant for building the national economy.

If we take a look at the top 6 companies in the world, five (5) of them were startups that offered services leveraged on science & technology. These companies in order of their market value are; Apple, Amazon, Alphabet, Microsoft, and Facebook (Fortune Magazine). I can categorically say that going forward, the success of entrepreneurs would be linked with the amount of technology leveraged on.
These companies have brought about job creation around the world and significantly enhancing their host countries’ GDP. Bringing it home to our country Nigeria, though there is still work to be done in terms of technology advancements, we will all agree that technology in Nigeria is not where it used to be. Entrepreneurs are now building their startups leveraging on the available technology. Some of the startups we have in our country are Jumia, Jobberman, Taxify, Iroko, Farmcrowdy, Konga, and Printivo.

Vice Chancellor sir, looking at the students seated here today, I am confident that in the nearest future, we would have the CEO of the next big startups here. To you all seated here, hunt for an idea in the space and run with it.

I hope I have been able to reiterate that Science ; Technology has impact on economic development. We are on the right path in Nigeria, the first has been that we have recognized there is a problem, the second is that we know what needs to be done to solve the problem, the third and final one is to take action. I have strong faith that the 1,000 or so people we have in the room today can become our change agents.

Vice Chancellor sir, taking a cue from the several prominent alumni of the Faculty of Science, University of Lagos, who have been able to make indelible mark in the society and looking at the students seated here today, I am confident that in the nearest future, we would have the CEOs of the next big startups and innovative enterprises in the nearest future. To you all seated here, hunt for an idea in the space and run with it.

Acknowledgement and appreciation
Vice-Chancellor Sir, I will like to use this opportunity to appreciate the numerous stakeholders that have played a role in not just this lecture but in my life and career in general.
Firstly, I will of course appreciate the Almighty God for the blessings, guidance and support over the decades; from a young man in Unilag to a CEO of a Bank.
Secondly is to appreciate the support of my family members – from my mother, my siblings, my lovely and supportive wife and my children. They have all played a role in my career and in life one way or the other. From fretting over diapers or nappies (as we called them in those days) to helping in GSCEs and now going for graduations they have been wonderfully supportive.

Thirdly, to appreciate my professional colleagues throughout my career. I specifically want to appreciate my Pastor – Mr. Tunde Bakare who through his prayers and kind words has been a pillar of support through the years.

Lastly, I want to appreciate the Wema Bank family- The Best Bank in the world. They have become my friends and family; together we have been able to transform the institution.

I also appreciate the Faculty of Science – from the Dean, the principal officers and other stakeholders that have provided this platform for us to discuss policy issues that can transform the country.

Thank you.
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